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Derivative Instrument and Hedging Activities
6 Months Ended
Apr. 30, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments and Hedging Activities Disclosure [Text Block]
14. Derivative Instrument and Hedging Activities
 
The Company enters into interest rate swaps to minimize the risks and costs associated with its financing activities. Derivative financial instruments are as follows:
 
 
 
Notional Amount
 
Fair Value Liability
 
 
 
April 30,
2017
 
October 31,
2016
 
April 30,
2017
 
October 31,
2016
 
Pay fixed-rate, receive floating-rate forward interest rate swap, beginning July 2013 until June 2018
 
$
40,000,000
 
$
40,000,000
 
$
589,000
 
$
1,151,000
 
 
In November 2011, the Company entered into a forward interest rate swap agreement with Rabobank International, Utrecht to fix the interest rate at 4.30% on $40,000,000 of its outstanding borrowings under the Rabobank line of credit beginning July 2013 until June 2018. This interest rate swap qualifies as a cash flow hedge and the fair value liability is included in fair value of derivative instrument, other long-term liabilities and related accumulated other comprehensive income at April 30, 2017 and October 31, 2016.